FAIRR’s top news picks
Tyson Foods Closing Plants: 4 More Facilities to Shutter in 2024
USA Today | 7 August 2023
Tyson Foods, a major meat producer, plans to shut down four more of its plants as it struggles to cut costs. The losses associated with the closure are estimated at $300 million to $400 million. Tyson Foods stated that resources will be reallocated to more efficient plants, but the move will have a negative impact on small communities in Arkansas, Indiana and Missouri which depend on the meatpacker for nearly 3,000 jobs.
China’s Cellx Pilots Lab-Grown Meat Production, Eyes US Market
Reuters | 10 August 2023
Chinese lab-grown meat company CellX hosted a tasting of its dishes, including kebabs and tofu with minced lab-grown meat, produced at less than 100 yuan ($13.87) each. The company expects the costs to decrease by up to 10 times by the time of commercial launch and plans to submit applications to both Singapore and the US for the retail of its products in restaurants by 2025.
World’s Top Food Producers Push Back on Deforestation Rules
Bloomberg | 9 August 2023
In 2022, the EU agreed to adopt the deforestation-free regulation that tackles deforestation caused by consumption and includes commodities like cattle, cocoa, and soya. Now, companies exporting these goods to the EU have to issue a due diligence statement to verify they do not originate from deforested land. The world’s largest agriculture producers such as Cargill are already pushing back stating that the new rules will add to the cost of producing these commodities.
Graph of the Week
Source: Bloomberg
More Food for Thought
The Climate-Friendly Cows Bred to Belch Less Methane | Reuters | Rod Nickel
Sales at Vegan Burger Maker Beyond Meat Fall by Almost a Third | The Guardian | Sarah Butler and Julia Kollewe
FAIRR’s Protein Pulse is a weekly collection of news articles related to the food sector that may be of interest to our members. FAIRR does not necessarily endorse the views of these news articles and assumes no responsibility for any errors or inaccuracies found in third-party content.
